By Martin Crutsinger
AP Economics Writer
WASHINGTON (AP) -- The Treasury Department says it will conduct an auction this week to sell the warrants it received from Boston Private Financial Holdings Inc. The sale is the latest effort by the government to recoup the costs of the $700 billion financial bailout.
Treasury said that the sale of 2.89 million warrants from the Boston-based financial institution will take place on Tuesday with the results announced Wednesday. It set a minimum bid price of $1.40 per warrant.
Purchase of the warrants gives the holder the right to buy Boston Financial common stock at a fixed price.
Last week, the government received $312.2 million from the sale of warrants it held in Citigroup, a bank it rescued with $45 billion in support from the Troubled Asset Relief Program during the height of the financial crisis in 2008.
Published: Tue, Feb 1, 2011
